Press Coverage

Politico: Oligarchs’ big loophole for stashing money

FACT’s Erica Hanichak is quoted in Politico:

“Russia’s invasion of Ukraine shines a spotlight on what we already know — kleptocrats and criminals have manipulated the chinks in the armor protecting Western financial systems in order to safeguard their own ill-gotten gains,” said Erica Hanichak, government affairs director at the Financial Accountability and Corporate Transparency Coalition. Her group advocates for ending the use of anonymous shell companies and bolstering anti-corruption laws.

“These problems are not new,” Hanichak added. “National security officials identified the real estate sector as a money laundering vulnerability 20 years ago under the PATRIOT Act. But they gave that sector a ‘temporary’ exemption from implementing anti-money laundering programs. To date, those ‘temporary’ exemptions are still in place.”

The full, original article is accessible on Politico’s website here.